At one time there were around 25 Indo-Hungarian joint ventures in India, mostly in the area of pharmaceuticals and vacuum technology.˙ With the change of regime in Hungary in 1989-90 and with economic liberalisation and reorientation in bothcountries since 1991, most of these JVs have faded away or been indigenised. At present there are only few India-Hungary JVs in India.

1. Richter-Gedeon Ltd.

Gedeon Richter Plc, established in 1901, is one of the biggest Central European pharmaceutical companies with an annual turnover of about EUR 1 bln. In 2004, Richter and Themis has set up a new joint venture, Richter-Themis Medicare (I) Pvt. Ltd. (RTML). RTML is a 100% export oriented unit located at Vapi, Gujarat.

2. MOL Rt.

Founded in 1991, the Hungarian company is present in the Europe, the Middle East and Africa region, as also in the CIS countries, with interests in exploration, production, refining, marketing and petrochemicals. MOL Group comprises one of the leading Hungarian chemical companies, TVK, the Slovakian oil company Slovnaft, the Austrian retail and wholesale company Roth, and a strategic partnership with the Croatian company, INA. In May 2008 MOL bought a 35% share in ONGC, and has been collaborating in the field of oil and gas exploration in India. However after unsuccessful drilling, this joint venture came to an end in 2013.

3. Ganz Engineering and Energetics Machinery Limited

Roots of the firm go back to 1844 with the foundation of the GANZ company, which was split into several units in 1988. Ganz Engineering and Energetics Machinery Limited was established in 2008, with 49% shares by Ganz Holding Company Limited and 51% of the Russian firm TTM. The main products of the company are nuclear power plant machinery, fuel reloading manipulators. A Joint-venture with the Indian Technip Impex Pvt. Ltd. under the name Technip Ganz Machinery India Pvt. Ltd. was created in order to increase chances for business and competitiveness by the involvement of local manufacturers. The joint-venture had been registered in New Delhi on 17 May 1993.

4. Organica Környezettechnológiák Zrt.

Founded in 1998 the wastewater mangement company was one of Hungary’s largest environmental solution providers at the time. The company offers cost-effective and sustainable water solutions with a new advanced environment-friendly organic approach. Organica signed a partnership agreement with the French Veolia in 2006, then in 2009 created a Chinese joint venture. In 2010 the company signed a partnership agreement in the US (AECOM) and opened subsidiary offices in the USA, Singapore and India. The 100% owned daughter companyin New Delhi has been established as an engineering service center and a base of operations for international wastewater management projects.

5. Tarant Hungary

The Hungarian IT company Tarant created a 100% subsidiary in Bangalore, the IT capital in Sept 2010 as an 1 mln USD investment with 14 employees to leverage the opportunities India has to offer in outsourcing for Central-Europe, Russia, and Africa. The company creates solutions for banks using the Oracle-Flexcube modular software, the original developer of which is also an Indian company called OFSS (formerly known as i-flex solutions).

6. Cason Engineering Plc

Cason Engineering Plc, a company with expertise in oil and gas pipeline automation, leak detection systems, data collection and analysis, signed an MOU with government-owned GIPL (Gujarat Petro Limited) in front of government representatives of Gujarat State in January 2013. The two companies made a cooperation agreement with Cason Plc supplying detection devices to GIPL, while also showing interest in Indian technology.

Indian Investments in Hungary:

Indian investments have grown significantly in Hungary following liberalisation of economy in India in 1991 and economic and poltical changes in Hungary. Indian investments are in the fields of information technology, pharmaceuticals, electrical machinery, food processing and auto-components. TCS, Satyam, Genpact, Cognizant, Sun Pharma, Crompton Greaves are among the companies that are active in Hungary. Jet Air has recently opened an off-line office in Budapest. With a total accumulated investment of USD 1.5 billion to date, our companies create employment opportunities for more than 8,000 people in Hungary:

1. CG Electric Systems ltd / GTV Transelektro Electric Co. Ltd

The Hungarian Ganz has a history of over a 130 years as a high technology company with a strong reputation for global engineering capabilities in the area of power transformers, GIS switchgear and rotating machines; a preferred supplier for high quality electrical equipment and related solutions. Crompton Greaves (CG) purchased in July 2006 through its Belgian subsidiary Pauwels International two Hungarian companies viz Ganz Transelektro Villamossági Zrt (GTV) and Ganz-Transverticum Kft (TV). This marked the first major acquisition by Crompton Greaves in Hungary. GTV is in the business of EHV Transformers, Gas Insulated Switchgear (GIS), Rotating Machines and Contracting; and, the associate TV is in the supporting areas of design, erection, commissioning and commercial activity with high-end engineering and substation capabilities.

2. Sun Pharma Ltd/Alkaloida

Sun Pharma Ltd. acquired the US-based pharmaceutical company Valeant (formerly Alkaloida) in Hungary in August 2005. Is active in narcotic and alkaloid substances in the medicinal field. Employs about 300 personnel.

3. SMR Automotive Mirror Technology Hungary Bt

The Hungarian company was established in 1995, and earlier belonged to Visocorp. Through the acquisition of Visiocorp by the SMR group (Samvardhana Motherson Reflectec) in 2009, the Hungarian unit was renamed to SMR Automotive Mirror Technology Hungary. The SMR group inaugurated a new factory in Mosonmagyarovar in September 2011. The Hungarian unit is employing an est. 1900 persons. Announced the opening of its new production plant in Túrkeve on 25 August 2017 with a total of HUF 8 billion worth investment creating approximately 410 new jobs in the region.

4. Tata Consultancy Services

India’s biggest IT and software company Tata Consultancy Services(TCS) has set up a European Software Development Centre(SDC) in Budapest. The Centre was formally inaugurated in August 2001 by the CEO of TCS. Upgraded the unit to Global Development Centre. Also opened an IT Centre of Excellence at Szent Istvan University, Godollo.

5. Orion Electronics

A producer of electronics appliances, the company is part of the Indian Thakral Group based in Singapore, with Indian ownership. Established in 1997 it currently employs approximately 1100.

6. Genpact

Genpact Hungary was established in 2002 Sept 14 as it started Business Process Outsourcing in the region. The company currently employs people from 29 countries serving customers across Europe in 15 languages. Genpact Hungary has established itself as a leading Business Services and Technology Solutions provider with a stimulating and global environment.

7. Wipro Ltd

Wipro Ltd is an Indian IT giant that offers integrated IT solutions to its clients worldwide. It offers total outsourcing, business solutions, consulting services and professional services to plan, deploy, sustain and maintain the IT lifecycle of its clients.

8. Cognizant

Cognizant has established a delivery center in July ’08. The Budapest office is the latest addition to their global network of delivery centres, and will support the range of Cognizant services, covering application development, application maintenance, business process outsourcing, consulting and technology infrastructure services.

9. Satyam Computer Services Limited/Tech Mahindra Ltd

A leading global information, communications and technology (ICT) company, part of the US $15.9 billion Mahindra Group, a global industrial federation of companies and one of the top 10 business houses based in India. Satyam has opened an office in Budapest on the 2nd November 2004. Satyam has been severly affected by the financial crisis in 2010. Since then it has minimized operations in Hungary.Since then it has minimized operations. Satyam Computer Services Ltd (SCSL) got amalgamated with Tech Mahindra Ltd (TML) in June 2013, and all the assets and liabilities of SCSL got vested in TML. Accordingly, the branch set up by SCSL has become the branch of Tech Mahindra Ltd.

10. PMP Autocomponents / Bakony Wipers Veszprém

Acquired by Nicholas Piramal group company in June 2006, employed about 100 personnel. In 2010 the Indian mother company purchased the renowned Czech PAL and shifted production to the Czech Republic.

11. WSEL Marketing Kft.

Indian-based company started the operations in Hungary, main business is in to trading Cotton & Synthetic Blended Cotton & Synthetic Blended Yarns, Textiles, Scaffolding and Galvanized Steel tubes. In 2013 the operations of the Hungarian company Technocraft was renamed as ‘WSEL Marketing Kft’ after it was purchased by Hong Kong-based company run and managed by Indians. This company ceased operations in June 2015.

EWB Ltd is originated from Eroterv Power Plant Engineers. It was initially a Government company, entrusted with the setting up of power plants on turnkey basis in Hungary and other European countries. Ash Handling Division of Eroterv started working in around 1955. In the year 1990, Waagner-Biro Austria, a well known. company of Europe, acquired 50 % equity of the ash handling division of Eröterv. From this year the name of the company changed to Eroterv-Waagner-Bird Ltd. Since then, Eroterv Waagner-Bird continued ash handling business by implementing many more ash handling projects in Europe and Asia. Gradually Waagner-Biro, Austria increased their stake in the company ending up with 90% holding of equity by the year 2000. From 1997 McNally Bharat Engg. Co. Ltd was in exclusive collaboration with EWB for the Indian Market up the year 2007. McNally Bharat increased its equities to 100% with effect from 24 Sept.2003.

13. Global Green/Dunakiliti Konzervüzem Kft.

Acquired by the Crompton Greaves group company, in 2006. Thapar group bought (Aug 06) Dunakiliti canning factory becoming the owner of canning company Dunakiliti Konzervüzem Kft, the biggest and most modern cucumber processing factory in the region. Dunakiliti Konzervuzem was bought over through Thapar’s affiliate Global Green Company, purchasing the company from its former owner Intergarden NV. Dunakiliti has been present on the market in India for nearly 10 years.

14. Global Green Company / Puszta Konzerv Kft.

In September 2008, Global Green Company Ltd. acquired the Hungarian company, Puszta Konzerv Kft, based in Balmazujvaros, near Debrecen in Eastern Hungary. Puszta Konzerv manufactures sweet corn, peas, gherkins, mixed pickles, lecsó and tomatoes. Puszta’s products fit strategically into Global Green’s current portfolio and their strong customer base, especially in central and eastern Europe as well as the Baltics and opens up new and significant opportunities.

15. Cosmos City

Owned by Mr. Parveen Gupta, the successful Indian fashion textile retail chain has over 35 units in Hungary and in neighboring Austria.

16. Novontech-Zala Kft.

Established in 2010, the company is developing and manufacturing electronics in Zalaegerszeg. In 2012 the Hungarian company entered strategic partnership with Intech India Pvt Ltd. and Kanha Technologies. Novontech-Zala is in partnership with several Indian companies.

17. Aditya Birla Management Corporation Pvt. Ltd

Aditya Birla Group (through its entities) acquired US Columbian Chemicals Company in 2011. Present employment at the Hungarian plant is 97. The Birla Carbon Factory unit CTC in Tiszai Vegyi Kombinát (TVK) is producing Carbon Black for the chemical industry.

18. Eculine Hungary Kft

The logistics company formed a small office in 2010 which is part of the Indian Avashya Group, with Headquarters in Mumbai.

19. GrayMatter-Europa Szoftverfejlesztő és Szolgáltató Kft.

The company formed a small office in Budapest in 2014. The Indian firm specializes in Business Intelligence and Analytics software for a number of verticals including the manufacturing (ie. automotive) and aviation industries.20. Apollo Tyres

In early 2015, Apollo Tyres has started building a factory in the city of Gyöngyöshalász, Hungary. They have plans to recruit local employees in a phased manner and are likely to provide employment to about 975 persons.

21. SMP

The foundation stone for the new SMP factory was laid down on 27th November 2015 in the city of Kecskemet. Part of the Samvardhana Motherson Group, the factory will produce bumpers for the Mercedes cars. The factory shall be completed in 2017, will employ < 500. The investment value is considered HUF 31 bln (appx 105 mln USD).

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The web portal “India in Business” issues weekly and monthly economic bulletins related to Indian economy and foreign trade. The Economic Bulletin is a publication of the Investment & Technology Promotion (ITP) Division. The division has been created within the Ministry of External Affairs (MEA), Government of India to give a definite direction and focus to the economic diplomacy strategy of MEA. It works closely with Indian Missions abroad and Government Ministries/Departments as the nodal Division on trade and investment related matters. It also engages with Export Promotion Councils, Chambers of Commerce & Industry, and industry associations on promoting our common objectives of facilitating trade & investment.